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TOPIC: Business trust / Registering new Co.

Business trust / Registering new Co. 9 years 10 months ago #2293

Hi there

I am new to this site & would really appreciate any help.

I have recently taken over my family's small business. It was set up as a business trust (no one can tell me what the reason behind this was). I want to remove the other two trustees as they have no input into the business what so ever (and there is a bit of bad blood). And I would like to change to a cc/private company (purely for tax reasons at this stage)
Can anyone tell me how to go about this - are there any legal aspects preventing this or that I should consider? Could I just stop trading in the trust and register a new company? How would I disolve the trust?

Also, how easily/quickly can a new company be registered with the new Companies Act. Would it be easier to buy a shelf CC?

I would really apprciate any help/advice!
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Re: Business trust / Registering new Co. 9 years 9 months ago #2303

Dear Jane Salmond,
Anderson Whittle would like to offer you our services so as to help you in registering a new Company, we are currently running a promotion, that is attached. I would also like you to meet with one of our advisers who will be able to give you some direction in how to move your company forward.

Our offices are open Monday to Friday from 8am to 5pm
021 557 6438
Free company News flash 25.10.11.docx


Kind Regards

Anderson Whittle
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Re: Business trust / Registering new Co. 9 years 9 months ago #2304

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Re: Business trust / Registering new Co. 9 years 9 months ago #2315

Jane
Let us start with your first question about the trust.
A trust is an entity on its own, and there is a lot of laws on putting up and handling the daily business as well as the directors of the trust. All this you will find in the trust, for instance how to get one of the other trustees part of the trust. If you have any trouble its the best to go and see an accountant or lawyer that deals with trusts every day.
About starting a company, you can`t form a new CC. You can however revived a dormant CC by paying some fees to the CPIC (the new CIPRO) To start a new company is actually not that difficult and can be done in basically hours time. That I do often.
Hope it helps you a bit.
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Re: Business trust / Registering new Co. 9 years 9 months ago #2320

Hi, yes I was asking for advice please.
Im not sure which is the best way to go and what the implications are for disolving a trust?
Many Thanks
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Re: Business trust / Registering new Co. 9 years 9 months ago #2321

Thanks so much Francois, I only saw your response after I posted mine.
Thats a great help, thanks so much!
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Re: Business trust / Registering new Co. 9 years 9 months ago #2322

Sorry Francois one more question! With regards to starting a new company will there be huge annual returns etc that I will need to fill in every year - im worried that it will be a lot more onerous than a CC (I know I wont need an audit but just worried about the other paper work)?
Thanks for your help.
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Re: Business trust / Registering new Co. 9 years 9 months ago #2323

Jane

In the place of CC`s is the private company and its name ends in (PTY)Ltd
Its a similar to the CC, its books must be signed off by an accountant but it does not have to be audit.
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